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hawk exploration ltd-a (HWK/A) Details

Hawk Exploration Ltd. explores for, develops, and produces crude oil and natural gas in western Canada. Its principal oil and gas properties and production facilities are located in the Plains area of Alberta and Saskatchewan. The company was incorporated in 2009 and is headquartered in Calgary, Canada.

hawk exploration ltd-a (HWK/A) Key Developments

Hawk Exploration Ltd. Announces Operational Update

Dec 18 14

Hawk Exploration Ltd. announced an operational update. The company drilled three (3.0 net) oil wells in western Saskatchewan in the fourth quarter of 2014 all of which are now currently on production. At Rush Lake, the Corporation drilled one (1.0 net) slant well in the fourth quarter of 2014 which encountered oil pay in the Waseca and Sparky/GP formations. This well is directly offsetting an existing Sparky/GP pool and a proposed SAGD thermal development in the Sparky/GP formation. Hawk's well has been on production since the start of December 2014 from the Sparky/GP formation and is currently averaging approximately 55 barrels of oil per day. At Eureka, the Corporation drilled its first horizontal well (1.0 net) on its developing Basal Mannville play. This well has been on production for approximately three weeks and is currently producing 60 bopd. Hawk is very encouraged by this initial production rate and is evaluating future drilling plans using horizontal wells to fully develop the Corporation's land in this area. The producing horizontal well was drilled on crown acreage and is eligible for a crown royalty holiday of 2.5% on the first 38,000 barrels of produced oil. Hawk expects to drill an additional well in the first quarter of 2015 to evaluate the potential on the northern portion of the play. Lastly, at Yonker, the Corporation drilled a McLaren discovery well that encountered three meters of net pay. This well has been placed on production and is currently producing 65 bopd. Hawk plans to acquire some additional two dimensional seismic data on this play in the first quarter of 2015 and expects to drill further development wells on this play in the second half of 2015. The Corporation has set a first half 2015 budget that will see Hawk drill two (2.0 net) vertical wells in western Saskatchewan both of which are expected to be drilled in the first quarter of 2015. Hawk is planning on drilling its second earning well at Forest Bank in the first quarter of 2015 whereby Hawk will pay 100% of the capital costs of the earning well to earn a 65% working interest in one section of land at Forest Bank. The Corporation's first earning well at Forest Bank is currently producing 65 (42 net) bopd. The Corporation also plans to drill one vertical well at Eureka which will earn the Corporation a 100% working interest in 480 acres of land. Hawk has chosen to decelerate drilling on current prospects, but is taking advantage of the current low price environment to drill two wells that earn significant additional acreage and add to inventory of future opportunities. These wells are Hawk's only remaining commitment locations. The company will determine its second half 2015 capital budget during the second quarter of 2015 which will be dependent on the oil price forecast for the second half of 2015. Hawk will remain disciplined and flexible with its second half 2015 capital budget as it monitors oil prices and business conditions. The Corporation has developed an inventory of development drilling at its four core areas of Forest Bank, Rush Lake, Eureka and Yonker, all in western Saskatchewan for the second half of 2015 and into 2016. The Corporation has also identified several well recompletion candidates at Forest Bank where the Corporation anticipates it can add production with low capital costs and anticipates one (0.65 net) recompletion in the first and second quarter of 2015. All of the Corporation's planned capital projects for 2015 are operated and controlled by Hawk. The Corporation will control the pace of development of its projects and accelerate or delay capital spending depending on the price of oil and the Corporation's cash flow.

Hawk Exploration, Ltd. Reports Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Operating Guidance for the First Quarter of 2015

Nov 26 14

Hawk Exploration, Ltd. reported earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported averaged production of 652 boe/d, an increase of 6% from 613 boe/d of production in the third quarter of 2013. Generated cash flow from operations of $1.7 million, a 18% decrease from the $2.1 million of cash flow generated in the third quarter of 2013 due to lower realized oil prices. The company drilled two 1.4 net wells, resulting in one 0.7 net successful heavy oil well and one 0.7 net abandoned well. Petroleum and natural gas sales were $4,627,000 compared to $4,788,000 a year ago. Cash flow from operations was $1,732,000 compared to $2,105,000 a year ago. Cash flow from operations per share was $0.05 compared to $0.06 a year ago. Capital expenditures were $2,499,000 compared to $3,342,000 a year ago. The company achieved cash flow from operations of approximately $1.7 million compared to $2.1 million for the third quarter of 2013 as a result of lower realized oil prices in the third quarter of 2014 compared to 2013.
For the nine months, the company reported Petroleum and natural gas sales of $14,266,000 compared to $11,598,000 a year ago. Cash flow from operations were $5,440,000 compared to $4,922,000 a year ago. Cash flow from operations per share was $0.16 compared to $0.14 a year ago. Capital expenditures were $7,216,000 compared to $5,879,000 a year ago. Total production was 671 (boe/d) compared to 621 (boe/d) a year ago.
At Forest Bank, in 2015, the Corporation expects to drill one (0.65 net) well in the first quarter of 2015. At Eureka, the Corporation expects to drill one (1.0 net) vertical well in the first quarter of 2015 as part of an existing farm-in agreement in the area.

Hawk Exploration, Ltd. Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Operating Guidance for the Year 2014

Aug 22 14

Hawk Exploration, Ltd. announced unaudited consolidated earning and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported Petroleum and natural gas sales were $4,979,000 against $3,893,000 for the same period of last year. Generated cash flow from operations of $1.9 million in the second quarter, a 28% increase from the $1.6 million in cash flow in the second quarter of 2013. Earned comprehensive income of $0.3 million in the second quarter of 2014, a 1% increase over the second quarter of 2013. Cash flow from operations per share was $0.06 compared to $0.05 for the same period last year. Comprehensive loss per share was $0.01 compared to $0.01 for the same period last year. Capital expenditures was $1,849,000 compared to $419,000 for the same period last year.
For the six months, the company reported Petroleum and natural gas sales were $9,639,000 against $6,810,000 for the same period of last year. Cash flow from operations were $3,708,000 compared to $2,817,000 for the same period last year. Cash flow from operations per share was $0.11 compared to $0.08 for the same period last year. Comprehensive loss was $317,000 compared to comprehensive income of $173,000 for the same period last year. Comprehensive loss per share was $0.01 compared to comprehensive income per share of $0.01 for the same period last year. Capital expenditures was $4,717,000 compared to $2,537,000 for the same period last year.
For the quarter, the company reported total production was 659 boe/d compared to 628 boe/d for the same period last year.
For the six months, the company reported total production was 680 boe/d compared to 626 boe/d for the same period last year.
The company expects its 2014 production to average between 700 boe/d to 725 boe/d, down from its previous average 2014 production guidance of 800 boe/d.

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